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Most of us are confused when interpreting income tax laws. I often re-read some tax sections and interpret in a different way sometimes. One such section is section 80gg of Income Tax Act to deduct rent paid.
I am writing this post in response to an email received from Mr. Sivaji from Pune and I quote.
"Hi
My friend tells me I … [Read more...]

US or for that matter any country never lets an opportunity slip to collect tax from citizens/residents. Have you ever wondered if you stay in US and earn income in India or elsewhere how you'll be taxed.
You need to pay tax in both countries? Don't worry. If that is the case I might not well invest/save :)
You have the DTAA - Double Taxation … [Read more...]

Just by earning abroad or staying outside India, you're not an NRI.Then who is an NRI? What is NRI Definition? How Income Tax and FEMA defines NRI?
Do you know that there are more than 29 million Indians residing outside India. They bring in lot of foreign inflow into India every year. Especially with growth of IT and business in India , there … [Read more...]

Have you ever wondered what the confusing 10 character code of you PAN card signifies? I used to think that these are randomly generated numbers/alphabets as I was not able to relate any of the characters to my personal details. But that is not the case. Each digit on the PAN card has its own significance.
I read it somewhere last year . I … [Read more...]

Permanent Account Number – PAN
This post is intended for first time salary earners and people getting introduced to income tax. So if you're already a tax payer you may already know this information.
Permanent account number or PAN is a unique identification account provided by the Indian Income Tax Department, issued across the country under … [Read more...]

Ever since Income tax was introduced in India by Sir James Wilson in 1860 they have been dreaded. First British were required to pay taxes now it is Indians. Nobody likes to part with their hard earned money. But it is necessary for the smooth functioning of society.We must pay income tax as responsible citizens as we enjoy certain … [Read more...]